ADNOC’s exports of Upper Zakum crude have trended downwards over the last eight months, complicating plans for a much-discussed futures contract underpinned by the grade, Platts said.

• Upper Zakum exports have hovered around 0.7m b/d, falling as low as 0.589m b/d in June.
• The decline in exports of the medium sour crude comes as ADNOC completes its Ruwais West refinery transformation allowing the 418k b/d refinery to process heavier crudes.
• The proposed Upper Zakum futures contract was targeted for a launch in H2 2023 but has since been delayed, with no updates from ADNOC or ICE on when it may be launched.